Merck to Acquire Imago BioSciences,Inc.
Acquisition expands Merck’s growing hematology portfolio
RAHWAY,N.J. & SOUTH SAN FRANCISCO,Calif.–( BUSINESS WIRE)– Merck( NYSE MRK), known as MSD outside the United States and Canada, and Imago BioSciences,Inc.( “ Imago ”)( Nasdaq IMGO) moment blazoned that the companies have entered into a definitive agreement under which Merck, through a attachment, will acquire Imago for$36.00 per share in cash for an approximate total equity value of$1.35 billion.
“ We continue to invest in our channel with a focus on applying our unique capabilities to unlock the value of advance wisdom for the cases we serve, ” said RobertM. Davis, chairman and principal administrative officer, Merck. “ This accession of Imago augments our channel and strengthens our presence in the growing field of hematology. ”
Imago is a clinical stage biopharmaceutical company developing new drugs for the treatment of myeloproliferative tumors( MPNs) and other bone gist conditions. Imago’s lead seeker bomedemstat( IMG- 7289), an investigational orally available lysine-specific demethylase 1( LSD1) asset, is presently being estimated in multiple Phase 2 clinical trials for the treatment of essential thrombocythemia( ET), myelofibrosis( MF), and polycythemia vera( PV), in addition to other suggestions.
“ This corner is a testament to further than a decade of introducing exploration by Imago scientists and the entire Imago platoon’s unvarying fidelity to perfecting the lives of cases, ” saidDr. HughY. Rienhoff,Jr., Author and Chief Executive Officer, Imago BioSciences. “ This agreement leverages Merck’s assiduity- leading clinical development moxie to maximize the remedial eventuality of bomedemstat while furnishing important value for shareholders. I would also like to admit with gratefulness the early investors – Blackstone Life lores, Frazier Healthcare, Omega finances, Amgen gambles, and MRL gambles Fund who placed their faith in Imago beginning in 2014, as well as the outstanding study investigators and their cases who have made the clinical development of bomedemstat possible. ”
“ substantiation indicates that LSD1 plays an important part in the development of blood cells in the bone gist, ” saidDr. DeanY. Li, chairman, Merck Research Laboratories. “ We look forward to working with the Imago platoon to further probe the eventuality of bomedemstat for cases with myeloproliferative tumors. ”
Under the terms of the accession agreement, Merck, through a attachment, will initiate a tender offer to acquire all outstanding shares of Imago. The ending of the tender offer will be subject to certain conditions, including the tender of shares representing at least a maturity of the total number of Imago’s outstanding shares, the expiration of the staying period under the Hart- Scott- Rodino Antitrust Improvements Act and other customary conditions. Upon the successful completion of the tender offer, Merck’s accession attachment will be intermingled into Imago, and any remaining shares of common stock of Imago will be canceled and converted into the right to admit the same$ 36 per share price outstanding in the tender offer. The sale is anticipated to close in the first quarter of 2023.
Myeloproliferative tumors are a group of conditions of the bone gist characterized by inordinate product of red blood cells, platelets, or certain white blood cells. Myeloproliferative tumors progress over time as the number of redundant cells make up in the blood and/ or bone gist. This may lead to bleeding problems, anemia, infection, fatigue, thrombosis or other signs and symptoms. Certain myeloproliferative tumors may come acute myeloid leukemia( AML). Myeloproliferative tumors include habitual myelogenous leukemia( CML), polycythemia vera, primary myelofibrosis, essential thrombocythemia, habitual neutrophilic leukemia, and habitual eosinophilic leukemia.
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